Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.23.2
Leases (Tables)
 6 Months Ended
Jul. 01, 2023
Leases [Abstract]  
Schedule of Balance Sheet Information
The components of ROU assets and lease liabilities were as follows:
(in thousands) Balance Sheet Classification July 1, 2023 December 31, 2022
Assets:
Operating lease assets Right-of-use assets, net $ 40,607  $ 43,282 
Finance lease assets Right-of-use assets, net 2,821  1,023 
Total leased assets $ 43,428  $ 44,305 
Liabilities:
Current:
Operating Other accrued expenses $ 5,248  $ 5,310 
Financing Current maturities of long-term debt 787  280 
Noncurrent:
Operating Other long-term liabilities $ 38,486  $ 40,907 
Financing Long-term debt 2,093  763 
Total lease liabilities $ 46,614  $ 47,260 
Schedule of Lease Costs
The components of lease expense were as follows:
Three Months Ended Three Months Ended Six Months Ended Six Months Ended
(in thousands) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022
Operating lease cost $ 2,145  $ 2,018  $ 4,289  $ 4,005 
Variable lease cost 159  80  321  165 
Short-term lease cost —  —  —  60 
Finance lease cost:
Amortization of right-of-use assets $ 182  $ 45  $ 306  $ 62 
Interest on lease liabilities 49  9  79  12 
Total lease cost $ 2,535  $ 2,152  $ 4,995  $ 4,304 
Other information related to leases was as follows:
July 1, 2023 December 31, 2022
Weighted Average Remaining Lease Term (in years)
Operating Leases 9.44 9.66
Finance Leases 3.49 3.37
Weighted Average Discount Rate
Operating Leases 7.1% 7.1%
Finance Leases 8.3% 6.6%
Schedule of Operating Lease Maturity
As of July 1, 2023, future minimum lease payments under noncancellable operating leases with initial or remaining lease terms in excess of one year were as follows:
(in thousands)
2023 $ 4,153 
2024 7,531 
2025 6,668 
2026 6,084 
2027 5,309 
Thereafter 31,864 
Total future lease payments $ 61,609 
Less: imputed interest $ (17,875)
Present value of future lease payments $ 43,734 
Schedule of Finance Lease Maturity
As of July 1, 2023, future minimum repayments of finance leases were as follows:
(in thousands)
2023 $ 495 
2024 990 
2025 990 
2026 480 
2027 288 
Thereafter 86 
Total future lease payments $ 3,329 
Less: imputed interest $ (449)
Present value of future lease payments $ 2,880